US EditionReddit shares jump 20% on second-quarter sales and guidance beat
UNITED STATES, JUL 31 – Reddit's revenue grew 78% year-over-year in Q2, driven by 21% growth in daily active users and strong third-quarter revenue and EBITDA forecasts, the company said.
- On Thursday, Reddit reported second-quarter revenue of $500 million, beating estimates and marking its biggest public-company sales beat.
- In a shareholder letter, Reddit said its archive powers AI and next-generation technology, and CEO Steve Huffman highlighted the company's 20th year of conversations across 100,000+ communities.
- On Thursday, global average revenue per user was $4.53, topping estimates, while global daily active users climbed 24% to 110.4 million.
- Looking ahead, Reddit forecasts third-quarter revenue of $535 million to $545 million and adjusted EBITDA of $185 million to $195 million, surpassing estimates.
- Reddit’s balance sheet shows net income of $89 million in the second quarter, last year, with no mention of cash and cash equivalents in the source.
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siliconvalley.comReddit stock surges higher on strong advertising projections
(Bloomberg/Riley Griffin) — Reddit Inc. shares jumped after the company reported its most profitable quarter to date and projected third-quarter sales that far surpassed analyst expectations, signaling the strength of its growing advertising business. Sales for the current quarter are expected to be between $535 million and $545 million, Reddit said in a statement Thursday, with the midpoint of that range exceeding the average Wall Street estima…
Reddit’s shares experienced a surprising 15% increase before the opening of the market last Friday. This jump is due to the company’s quarterly results that exceeded analysts’ expectations, as detailed in the original report. This surge reflects investors’ confidence in Reddit’s AI-driven advertising capabilities and strong user loyalty. Revenue expectations surprise Reddit projects its revenue for the third quarter between $535 million and $545…
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